I have always studied and monitored price action against Fibo levels and providing the markets trend and do not reverse the myth of Fibonacci works for me...
Here is a daily chart showing the recently completed ABCD pattern...A - B boundary completed and a C shallow pullback correction formed. This offered an extension target at the 1.618% (1.24978)...notice how price reacted to both pullback and extension Fibo levels...
Fibonacci is no myth. Its embedded into the structure of the universe. The principles of Quantum Mechanics also apply. I am of the persuasion (controversial granted) that the markets move under their own internal forces, much as a big river flows and eddies, pretty much unimpressed by you or I throwing a stone or even a rock into the water. If you can understand the physics of the movement, then you have the key. Fibonacci is one of the building blocks. Regards
KPEI
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Easy there Einstein. This is the financial market not a number theory playground.
pezq
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Yes - short by the way. But strangely sterling is showing some inconsistency